The condo market in Danbury has seen signs of improvement over the last few months, compared to 2008. The median sales price has been on the increasing for the last 3 months of 2009. The monthly sales supply of listings at the end of December is a near 2 year low.
There has been as many new listings hit the market compared to in the previous length of time. However, the same percentage of listing are going under contract. Residual inventory that has been carried month to month, as a total percent of the market, has decreased 27% compared to December 2007. When I am wondering the MLS activity over these first years days of 2010, I do not think the available condos for sale in Danbury will swell up to the levels it was early 2009.
With a lower supply of condos to choose from, buyers might find themselves in increased competition. Condos are great for first time buyers to take advantage of the $8000 tax credit, because you often get a newer home with a more open layout compared to a single family home. Often, there are amenities that would be a big expense for install & maintain that you just have a small monthly fee to pay for, included in the common charges. Owners who have purchased a small condo 5 years ago as have used lived there for their primary residence can use their $6500 tax credit to upgrade into a larger unit or into a single family home. Condos can also be a great fit for downsizing since there is no exterior maintenance to do.
It is very easy for me to prepare this information for your targeted sales price to give you a true understanding of your particular submarket in the Danbury condo and townhome market. Feel free to request a market analysis, and I will get back to you as soon as possible.
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